- Invest in and pappreciating assets. Avoid purchasing liabilities.
- Avoid conspicuous consumption. No one ever spent their way to financial freedom.
- Apply leverage to build wealth.
- Detach yourself from things and liabilities you don’t need. Liabilities are the reason you work so hard.
- Identify common money pitfalls. Soceity is designed to make you a consumer and for you to trade time for money.
- Know where all your money is going. Pay yourself first by saving and investing.
- Automate your finances and investments. Create a financial and wealth building plan.
- Be courageous and take risks. Wealth comes from doing what other people won’t. Make financial freedom you too goal.
- Increase your income and develop multiple streams.
- Be disciplined and develop good wealth building habits.
Author Archives: Edward Brownlee
Happiness is a Choice and Comes from Within
Don’t rely on others or external factors to validate your worth or existence.
True happiness is a choice and comes from within, not from external validation. Seeking validation from others to affirm your existence undermines your own sense of self-worth and resilience.
Embrace the joy of self-discovery and fulfillment without relying on others’ approval. Cultivate inner contentment by choosing happiness, pursuing passions and embracing personal growth.
Remember, your worth isn’t determined by others’ opinions, it stems from your own mindset, self-love and acceptance.
Gratitude is a Superpower and the foundation of all great success. Appreciate and be thankful for what you already have!
One Step Forward
Every step forward, no matter how small or challenging, brings you closer to your goals. It’s like climbing a mountain or running a marathon —one step at a time, and eventually, you’ll reach the summit or the finish line.
Remember, progress isn’t always linear. Sometimes it’s a zigzag, but as long as you keep moving, you’re making strides.
So keep going, even if it’s just a tiny step today. You’re already ahead of those who haven’t started or decided not to try!
Know Thyself
The ancient Greek philosopher Aristotle spoke about the importance of self-knowledge and self-understanding as the foundation for wisdom and good judgment.
Some key points about this quote:
– Self-knowledge is the starting point for wisdom. When you understand yourself – your strengths, weaknesses, biases, motivations, etc. – you are better equipped to make sound decisions and live a fulfilling life.
– Wisdom involves the ability to apply knowledge and make good judgments, especially in complex or ambiguous situations. Self-awareness is crucial for developing this practical wisdom.
– By looking inward and cultivating self-understanding, you lay the foundation for becoming wiser and making a positive impact on the world.
The transformative power of self-knowledge is the basis for living a life of greater clarity, purpose, and wisdom.
Gratitude is a Superpower and the foundation of all great success!
Carried Interest Lower Tax Rate
Carried interest is a share of profits from a private equity, venture capital, or hedge fund paid as incentive compensation to the fund’s general partner.
Carried interest typically is only paid if a fund achieves a specified minimum return.
In most cases, carried interest is considered a return on investment and taxed as a capital gain rather than ordinary income, usually at a lower rate.
Because carried interest is typically distributed after a period of years, it defers taxes in the manner of an unrealized capital gains.
Carried interest on investments held longer than three years is subject to a long-term capital gains tax with a top rate of 20%, compared with the 37% top rate on ordinary income.
Critics argue taxing carried interest as long-term capital gains allows some of the richest Americans to unfairly defer and lower taxes on the bulk of their income.
Defenders of the status quo contend the tax code’s treatment of carried interest is comparable to its handling of “sweat equity” business investments.
Source: https://www.investopedia.com/terms/c/carriedinterest.asp
Solo Cruising
Take Responsibility and Own Your Story
Oner thing you must learn, understand and accept:
You can either keep making excuses for why your life isn’t perfect, or you can admit it’s not perfect and still try to make it better.
You can focus on what youcan change and stop worrying about what you can’t. Life keeps moving forward.
Take it upon yourself to be happy and build wealth. Stop worrying about distractions and what other people think.
Other peopl only know your name, not your story. People will always have different opinion about you. And that’s okay. What matters is how you see yourself as a person. No on can tell your story better than you.
Gratitude is a Superpower and the foundation of all success.
7 Rules of Life
Gratitude is a Superpower and the foundation of all success.
Extraordinary Fiscal Spending a Threat to Economy
Jamie Dimon, Chairman and CEO of JP Morgan Chase, says “government fiscal spending has been “so extraordinary” in the past five years he’s bracing for an economy of high inflation and unemployment.”
Dimon expressed concern that unchecked government spending could lead to stagflation – a dreaded combination of high inflation, high unemployment, and low growth1.
Dimon’s perspective is rooted in the massive fiscal and monetary stimulus that has occurred over the last five years. He questions whether this unprecedented level of intervention will eventually result in stagflation. He also believes that inflation may be stickier than many people assume, given the lingering effects of fiscal and monetary stimulus in the system.
In summary, Dimon’s cautionary stance underscores the need for prudent fiscal policies and a careful balance between economic stimulus and potential consequences.
U.S. Economy Showing Signs of Slowing
The U.S. economy continues to lose momentum, writes the Wall Street Journal. It finally seems that the cumulative impact of years of inflation is finally catching up with U.S. consumers and eroding their savings cushion—something that companies selling discretionary goods from Starbucks to Kohl’s are saying in their public quarterly financial reports.
In short, signs of an U.S. economic slowdown are becoming hard to ignore.
Labor market are a lagging indicator, meaning they show up later than other signs when an economic shift occurs. The early signals are already here.